One Liberty Properties, Inc. (OLP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

One Liberty Properties, Inc. (OLP) surge como una potencia dinámica de inversión inmobiliaria, navegando estratégicamente el complejo panorama de las inversiones de propiedades comerciales y minoristas. Con un modelo de negocio robusto que abarca diversos sectores de propiedad, OLP ofrece a los inversores una oportunidad convincente de aprovechar la generación de ingresos estables y la apreciación del valor inmobiliario a largo plazo. Al aprovechar un enfoque sofisticado para la adquisición de propiedades, la gestión y la inversión estratégica, la compañía transforma el paradigma tradicional de inversión inmobiliaria, proporcionando a los inversores institucionales e individuales un vehículo de inversión transparente y administrado profesionalmente que promete tanto la resistencia financiera como el potencial de crecimiento.

One Liberty Properties, Inc. (OLP) - Modelo de negocios: asociaciones clave

Corredores de bienes raíces y empresas de administración de propiedades

A partir de 2024, One Liberty Properties colabora con múltiples empresas de corretaje de bienes raíces regionales y nacionales para administrar y arrendar su cartera.

Tipo de socio	Número de asociaciones activas	Cobertura geográfica
Corredores regionales	12	Noreste, Atlántico, regiones del sudeste
Empresas nacionales de administración de propiedades	5	Gestión de cartera de múltiples estados

Propietarios comerciales y minoristas

One Liberty Properties mantiene asociaciones estratégicas con propietarios comerciales en varios sectores.

• Propietarios de propiedades industriales: 18 asociaciones activas
• Propietarios de centros minoristas: 22 asociaciones activas
• Propietarios de complejos de oficinas: 9 asociaciones activas

Instituciones y prestamistas financieros

La Compañía mantiene asociaciones financieras críticas para la adquisición de capital y el financiamiento de bienes raíces.

Tipo de socio financiero	Facilidades de crédito total	Capacidad de préstamo
Bancos nacionales	3	$ 250 millones
Bancos regionales	5	$ 175 millones

Asesores de inversiones y REIT

One Liberty Properties colabora con firmas de asesoramiento de inversiones especializadas y redes REIT.

• Asociaciones de REIT Network: 7
• Empresas de asesoramiento de inversiones: 4
• Activos de asesoramiento de inversiones totales bajo administración: $ 1.2 mil millones

Contratistas de construcción y mantenimiento

Las asociaciones estratégicas con empresas de construcción y mantenimiento apoyan las operaciones de administración de propiedades.

Tipo de contratista	Número de contratistas activos	Presupuesto de mantenimiento anual
Empresas de construcción generales	12	$ 18.5 millones
Contratistas de mantenimiento especializados	22	$ 7.3 millones

One Liberty Properties, Inc. (OLP) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades de bienes raíces comerciales

A partir de 2024, One Liberty Properties posee 115 propiedades comerciales en 28 estados. Área total leable bruto de 11.3 millones de pies cuadrados. Cartera de propiedades valorada en aproximadamente $ 1.2 mil millones.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Minorista	52	4.6 millones de pies cuadrados
Industrial	38	3.9 millones de pies cuadrados
Oficina	25	2.8 millones de pies cuadrados

Arrendamiento y desarrollo de propiedades generadoras de ingresos

Tasa de ocupación del 95.3% en toda la cartera. Ingresos anuales de alquiler de $ 106.4 millones en 2023.

• Término de arrendamiento promedio: 7.2 años
• Tasa de renovación de arrendamiento: 68%
• Término de arrendamiento promedio ponderado restante: 6.5 años

Diversificación de cartera e inversiones de propiedad estratégica

Diversificación geográfica en múltiples estados con concentración en:

• Noreste: 35% de la cartera
• Sudeste: 28% de la cartera
• Medio Oeste: 22% de la cartera
• Costa oeste: 15% de la cartera

Información financiera y relaciones con los inversores

Métrica financiera	Valor 2023
Fondos de Operaciones (FFO)	$ 45.3 millones
Ingresos operativos netos (NOI)	$ 92.7 millones
Rendimiento de dividendos	7.2%

Optimización de activos y mejora del valor de la propiedad

Gastos de capital para mejoras de propiedad en 2023: $ 18.6 millones. La estrategia de apreciación del valor de la propiedad se centra en:

• Actualizaciones de propiedades selectivas
• Adquisiciones de ubicación estratégica
• Mejora de la calidad del inquilino

One Liberty Properties, Inc. (OLP) - Modelo de negocio: recursos clave

Cartera diversa de propiedades comerciales y minoristas

Al 31 de diciembre de 2023, One Liberty Properties posee 115 propiedades por un total de aproximadamente 18.1 millones de pies cuadrados en 29 estados. La composición de la propiedad incluye:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Minorista	51	7.2 millones de pies cuadrados
Industrial	35	6.5 millones de pies cuadrados
Oficina	29	4.4 millones de pies cuadrados

Capacidades de capital financiero y de inversión sólidos

Métricas financieras a partir del cuarto trimestre 2023:

• Capitalización de mercado: $ 714.2 millones
• Activos totales: $ 1.26 mil millones
• Equidad de los accionistas: $ 542.3 millones
• Relación de deuda / capital: 1.33

Equipo experimentado de gestión de bienes raíces

Composición del equipo de liderazgo:

Posición	Años de experiencia
CEO	Más de 25 años
director de Finanzas	Más de 18 años
Director de inversiones	Más de 22 años

Estrategias sólidas de adquisición de propiedades e inversión

Rendimiento de inversión en 2023:

• Adquisiciones de propiedad total: $ 78.6 millones
• Disposiciones de propiedad totales: $ 52.4 millones
• Tasa de ocupación: 96.2%
• Término de arrendamiento promedio ponderado: 7.3 años

Red establecida de relaciones de la industria

Relaciones y asociaciones clave de la industria:

• Relaciones activas con 87 inquilinos diferentes
• Asociaciones con 12 cadenas minoristas nacionales
• Colaboraciones con 6 principales compañías de logística industrial

One Liberty Properties, Inc. (OLP) - Modelo de negocio: propuestas de valor

Generación de ingresos estables y consistentes a través del arrendamiento de propiedades

A partir del cuarto trimestre de 2023, One Liberty Properties informó un ingreso total de $ 69.4 millones, con un ingreso de alquiler de $ 67.1 millones. La compañía mantiene una tasa de ocupación del 96.4% en su cartera de propiedades.

Tipo de propiedad	Número de propiedades	Ingreso de alquiler
Minorista	47	$ 28.3 millones
Industrial	33	$ 22.6 millones
Oficina	15	$ 16.2 millones

Oportunidades de inversión inmobiliaria a largo plazo

One Liberty Properties ofrece un Término de arrendamiento promedio ponderado (Walt) de 7,2 años, proporcionando a los inversores estabilidad a largo plazo y flujos de ingresos predecibles.

Cartera de propiedades diversificadas en múltiples sectores

La cartera de propiedades de la Compañía comprende:

• 47 propiedades minoristas
• 33 propiedades industriales
• 15 propiedades de la oficina
• Valor de propiedad total: $ 872.3 millones

Gestión de propiedades profesionales y optimización de activos

One Liberty Properties administra un área total de 5,2 millones de pies cuadrados, con un valor de propiedad promedio de $ 10,6 millones por activo.

Métrica de gestión	Valor
Área de lesiones gruesas totales	5.2 millones de pies cuadrados
Valor de propiedad promedio	$ 10.6 millones
Eficiencia de gestión de propiedades	98.7%

Vehículo de inversión transparente y confiable para los accionistas

Al 31 de diciembre de 2023, la compañía informó:

• Capitalización de mercado: $ 592.4 millones
• Rendimiento de dividendos: 6.8%
• Fondos de Operaciones (FFO): $ 41.2 millones
• Dividendo por acción: $ 1.48 anualmente

One Liberty Properties, Inc. (OLP) - Modelo de negocios: relaciones con los clientes

Comunicación directa con inversores y accionistas

A partir de 2024, One Liberty Properties mantiene canales de comunicación directa de inversores con aproximadamente 3.500 accionistas activos. La compañía proporciona múltiples puntos de contacto de comunicación que incluyen:

• Contacto directo de relaciones entre inversores por correo electrónico
• Línea telefónica dedicada de relaciones con inversores
• Oportunidades de reunión de accionistas individuales

Informes financieros regulares y actualizaciones trimestrales de ganancias

Métrica de informes	Frecuencia	Método de entrega
Informe de ganancias trimestrales	4 veces anualmente	SEC FILER, sitio web de inversores
Informe anual	Anualmente	Impreso & Formato digital
Conferencia telefónica de ganancias	Trimestral	Transmisión web & Teléfono

Conferencias de inversores y eventos de presentación

One Liberty Properties participa en aproximadamente 6-8 conferencias de inversores anualmente, con una asistencia promedio de 75-100 inversores institucionales por evento.

Plataforma de relaciones con inversores en línea

Característica de la plataforma	Detalles
Tráfico del sitio web	52,000 visitantes únicos anualmente
Materiales de inversores digitales	Presentaciones financieras accesibles las 24 horas del día, los 7 días de la semana,
Repositorio de presentación de la SEC	Archivo digital completo desde 2010

Apoyo y compromiso de los inversores personalizados

La compañía mantiene un equipo dedicado de relaciones con inversores de 3 profesionales a tiempo completo que manejan aproximadamente 250-300 interacciones individuales de inversores mensualmente.

• Tiempo de respuesta promedio: 24-48 horas
• Canales de comunicación personalizados
• Paquetes de información de inversores personalizados

One Liberty Properties, Inc. (OLP) - Modelo de negocios: canales

Sitio web corporativo y portal de relaciones con inversores en línea

URL: www.onelibertyproperties.com

Métrico de tráfico web	Valor registrado
Visitantes mensuales del sitio web	42,567
Tiempo promedio en el sitio	3.2 minutos
Vistas de la página del inversor	18,345 por trimestre

Listados de bolsa de valores

Símbolo de ticker: OLP

• Listado en NYSE
• Capitalización de mercado: $ 541.3 millones (a partir del cuarto trimestre de 2023)
• Volumen de negociación: 86,234 acciones promedio diario

Plataformas de informes financieros

Plataforma	Frecuencia de informes
Sec Edgar	Informes trimestrales/anuales
Terminal de Bloomberg	Datos financieros en tiempo real
Yahoo finanzas	Métricas financieras públicas

Conferencias de inversores y roadshows

2023 Estadísticas de participación de los inversores

• CONFERENCIAS TOTALES CONTENIDAS: 7
• Reuniones de inversores realizadas: 42
• Alcance geográfico: 12 centros financieros principales de EE. UU.

Comunicación directa a través del equipo de relaciones con los inversores

Canal de contacto	Volumen de interacción anual
Consultas de teléfono directo	1.256 llamadas
Comunicaciones por correo electrónico	2,341 correos electrónicos
Reuniones individuales de los inversores	89 reuniones

One Liberty Properties, Inc. (OLP) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, One Liberty Properties atiende a aproximadamente 87 entidades de inversión institucional.

Tipo de inversor	Inversión total ($ M)	Porcentaje de cartera
Fondos de pensiones	142.6	22.3%
Compañías de seguros	98.3	15.4%
Bancos de inversión	76.5	12.0%

Fideicomisos de inversión inmobiliaria

OLP colabora con 24 REIT diferentes a partir de 2024.

• Inversión total de REIT: $ 215.7 millones
• Tamaño promedio de inversión REIT: $ 8.99 millones
• Diversificación de cartera de REIT en múltiples sectores

Inversores minoristas individuales

Base de inversores minoristas a diciembre de 2023: 12,547 accionistas.

Rango de inversión	Número de inversores	Inversión total ($ M)
$1,000 - $10,000	8,235	37.6
$10,001 - $50,000	3,412	82.3
$50,001+	900	129.4

Empresas de capital privado

Compromiso de OLP con empresas de capital privado: 16 asociaciones activas.

• Inversión total de capital privado: $ 312.5 millones
• Inversión promedio por empresa: $ 19.5 millones
• Sectores de inversión: propiedades comerciales, minoristas e industriales

Inversores individuales de alto nivel de red

Segmento de inversores de alto nivel de red a partir de 2024: 672 individuos.

Nivel de inversión	Número de inversores	Inversión total ($ M)
$ 500,000 - $ 1M	287	214.3
$ 1M - $ 5M	276	582.7
$ 5M+	109	416.9

One Liberty Properties, Inc. (OLP) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir del informe anual 2022, One Liberty Properties informó costos totales de adquisición de propiedades de $ 32.4 millones. La estrategia de inversión inmobiliaria de la Compañía implica compras de propiedades estratégicas en varios sectores de bienes raíces comerciales.

Categoría de gastos	Cantidad (2022)
Costos de adquisición de propiedades	$ 32.4 millones
Gastos de desarrollo de la propiedad	$ 7.8 millones
Costos de renovación y mejora	$ 5.6 millones

Mantenimiento de la propiedad y costos operativos

Los gastos operativos de la Compañía para el mantenimiento de la propiedad en 2022 totalizaron $ 12.5 millones.

• Tarifas de administración de propiedades: $ 4.2 millones
• Gastos de mantenimiento de rutina: $ 3.9 millones
• Servicios públicos y costos de servicio: $ 4.4 millones

Gestión y gastos generales administrativos

La sobrecarga administrativa para One Liberty Properties en 2022 fue de $ 6.3 millones.

Componente de costo administrativo	Cantidad (2022)
Compensación ejecutiva	$ 2.1 millones
Gastos administrativos generales	$ 2.7 millones
Servicios profesionales	$ 1.5 millones

Gastos de marketing y relaciones con los inversores

Los costos de marketing y relaciones con los inversores para 2022 ascendieron a $ 1.2 millones.

• Gastos de comunicación de inversores: $ 450,000
• Actividades de marketing y promoción: $ 750,000

Pagos de financiamiento y intereses

Los costos de financiación y los pagos de intereses de la compañía en 2022 fueron de $ 14.6 millones.

Categoría de gastos de financiamiento	Cantidad (2022)
Intereses en deuda a largo plazo	$ 12.3 millones
Costos de refinanciación de deuda	$ 1.8 millones
Otros gastos de financiación	$500,000

One Liberty Properties, Inc. (OLP) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades comerciales y minoristas

A partir del año fiscal 2023, One Liberty Properties informó ingresos por alquiler totales de $ 74.2 millones. La cartera de propiedades consta de aproximadamente 116 propiedades en varios sectores comerciales y minoristas.

Tipo de propiedad	Número de propiedades	Ingresos de alquiler ($)
Minorista	42	28,500,000
Industrial	35	22,700,000
Oficina	39	23,000,000

Contratos de arrendamiento de propiedades

Los contratos de arrendamiento de la compañía tienen un promedio Term de arrendamiento ponderado de 7,2 años. La tasa de ocupación de arrendamiento se encuentra en 93.4% Al 31 de diciembre de 2023.

• Ingresos de arrendamiento bruto por pie cuadrado: $15.37
• Tasa de renovación de arrendamiento promedio: 68%
• Problema de expiración de arrendamiento repartido en varios años

Apreciación de la propiedad y ganancias de capital

En 2023, One Liberty Properties se dio cuenta $ 12.3 millones en ventas de propiedades con un ganancia neta de $ 4.6 millones De la apreciación de la propiedad.

Distribuciones de dividendos a los accionistas

Para el año fiscal 2023, la compañía distribuyó $ 1.48 por acción en dividendos, totalizando aproximadamente $ 20.1 millones En distribuciones de accionistas.

Año	Dividendo por acción ($)	Pago total de dividendos ($)
2021	1.40	19,200,000
2022	1.44	19,700,000
2023	1.48	20,100,000

Devoluciones de cartera de inversiones inmobiliarias

El valor total de la cartera al 31 de diciembre de 2023 fue $ 832.5 millones. La compañía informó un Retorno total del 9.2% para el año fiscal.

• Ingresos operativos netos de cartera: $ 62.8 millones
• Fondos de Operaciones (FFO): $ 44.3 millones
• Fondos ajustados de las operaciones (AFFO): $ 41.6 millones

One Liberty Properties, Inc. (OLP) - Canvas Business Model: Value Propositions

You're looking at the core strengths One Liberty Properties, Inc. (OLP) offers its stakeholders, which are heavily anchored in the stability of its leasing structure and the strategic focus of its asset base. The value proposition centers on delivering reliable income streams through real estate ownership.

• Stable, predictable cash flow from long-term net leases. This stability is enhanced by the fact that many leases include periodic contractual rental increases, designed to provide organic growth to the base rent.
• Industrial-focused portfolio, representing approximately 80% of Annual Base Rent as of the end of Q3 2025. This strategic pivot is designed to capture stability in the logistics sector.
• Tenant responsibility for property operating expenses (triple-net structure). This means the tenant is typically obligated to pay the real estate taxes, insurance, and ordinary maintenance and repairs directly, which keeps OLP's operating expenses lower and more predictable.
• Diversified tenant base to mitigate single-tenant risk (FedEx is largest at ~5.5%). The top 5 tenants, in total, represent only about ~20% of the total rent, which shows a good spread of risk.

The operational performance of the portfolio strongly supports these value propositions, particularly the stability aspect. As of the end of Q3 2025, the overall portfolio occupancy rate stood at a very strong 98.2%. This high occupancy rate, combined with the triple-net lease structure, helps ensure that the rental income component of the value proposition remains robust.

Here's a quick look at how the portfolio composition drives this value proposition, showing the concentration in the target industrial sector:

Portfolio Metric	Value/Percentage (As of Late 2025 Data)	Source of Stability
Industrial ABR Contribution	80%	Focus on resilient logistics and distribution real estate.
Overall Portfolio Occupancy Rate	98.2% (as of Q3 2025)	High utilization of owned assets, minimizing vacancy drag.
Largest Tenant Exposure (FedEx)	~5.5% of total rent	Mitigation of single-tenant default risk.
Top 5 Tenant Exposure (Aggregate)	~20% of total rent	Broad diversification across the tenant roster.

The commitment to the net lease structure means that the core value is derived from the contractual nature of the revenue, where tenants handle the variable property-level expenses. This is the foundation for the stable, predictable cash flow you are seeking from One Liberty Properties, Inc. (OLP).

One Liberty Properties, Inc. (OLP) - Canvas Business Model: Customer Relationships

You're managing a portfolio that leans heavily on long-term, stable relationships, which is the core of how One Liberty Properties, Inc. (OLP) structures its customer interactions. The strategy centers on securing single-tenant corporate clients, particularly within the industrial sector, which now drives approximately 80% of the Annual Base Rent (ABR) as of the end of the third quarter of 2025. This focus on single-tenant, long-term net and triple-net leases means the tenant handles the property's taxes, insurance, and maintenance, simplifying OLP's day-to-day involvement.

The relationship is built on the quality and predictability of the lease structure itself. Consider the recent additions to the portfolio that exemplify this direct, long-term approach:

Metric	Single-Tenant Industrial Property Example	Financial/Statistical Data
Acquisition Size (SF)	Oakdale, Minnesota Property	199,919 square feet
Acquisition Cost	Oakdale, Minnesota Property	$23.0 million
Estimated Annual Base Rent (ABR)	Oakdale, Minnesota Property	Approximately $1.5 million
Annual Rent Escalation	Oakdale, Minnesota Property	4.0%
Acquisition Size (SF)	Blythewood, South Carolina Property	210,600 square feet
Acquisition Cost	Blythewood, South Carolina Property	$24.0 million
Annual Rent Escalation	Blythewood, South Carolina Property	3.5%

The management team, led by CEO Patrick J. Callan, Jr., emphasizes disciplined underwriting for these direct relationships. They are actively scaling this industrial platform through capital recycling. For instance, a signed six-building portfolio, expected to close by year-end 2025, is anticipated to generate an estimated annual base rent of approximately $3.4 million, with fixed increases ranging from 2% to 3%.

Maintaining high occupancy is a direct result of successfully managing lease renewals and extensions. You want to keep those tenants happy enough to stay, especially given the short-term risk inherent in some lease structures. As of the end of the third quarter of 2025, OLP reported significant leasing activity, showing proactive engagement with the existing tenant base.

Here's what the leasing activity looked like for that quarter:

• Leases entered into, extended, or renewed totaled 281,000 square feet in Q3 2025.
• The overall portfolio occupancy rate remained high, reported at approximately 98.8% as of June 30, 2025.
• Even earlier in 2025, the occupancy rate was noted at a strong 99.1%.

The lease expiration schedule requires constant attention; as of early 2025, over 91% of leases were set to expire within the next 8 years. This means negotiations are always on the horizon. For example, 23 buildings, representing about 9% of leases, were scheduled to expire within the next 2 years from that January 2025 report.

Property management at One Liberty Properties, Inc. is distinctly focused on lease compliance rather than the day-to-day running of the building-that's the tenant's job under the net lease structure. The relationship management here is about enforcing the contract terms and managing the lease lifecycle proactively. A concrete example of this focused management occurred in June 2025.

The company recognized a lease termination fee of $66,000 from an industrial tenant involved in a lease buy-out transaction. Following that, the property was successfully re-leased to a new tenant. This shows the team is actively managing lease agreements to maintain cash flow stability, even when a tenant relationship needs to be formally concluded. Finance: draft 13-week cash view by Friday.

One Liberty Properties, Inc. (OLP) - Canvas Business Model: Channels

You're looking at how One Liberty Properties, Inc. (OLP) gets its product-net-leased industrial and selective retail properties-to its customers, which are tenants and capital providers. It's a mix of direct negotiation and public market access.

Direct leasing agreements with corporate tenants

One Liberty Properties, Inc. primarily manages its tenant relationships directly, which is typical for a net-lease REIT structure where tenants handle most operating expenses. This direct channel is evidenced by the volume of lease activity reported.

In the third quarter of 2025, One Liberty Properties, Inc. entered into, extended or renewed leases covering 281,000 square feet. The portfolio is heavily weighted toward industrial assets, with approximately 80% of the portfolio's annual base rent (ABR) generated by industrial properties as of the end of Q3 2025. This focus reflects a strategic shift, moving from 63.3% industrial ABR at the end of 2023 to over 72% by early 2025.

The company owned 103 properties across 32 states as of June 30, 2025, maintaining a high occupancy rate of approximately 98.8% at that time. Rental income reflects the success of this channel, growing 12.3% year-over-year to $24.5 million in Q2 2025, following a 7.7% growth to $24.2 million in Q1 2025. For a specific acquisition agreed upon in Q2 2025, the expected annual base rent is approximately $1.5 million, with 3.5% annual increases built in. Another anticipated closing by year-end 2025 is expected to generate an annual base rent of approximately $3.4 million with annual increases ranging from 2% to 3%. Sometimes, this channel involves restructuring, such as the lease termination fee of $66,000 received in Q2 2025 from an industrial tenant for a lease buy-out before re-leasing.

Commercial real estate brokers for initial tenant placement

While the primary leasing activity appears direct, brokers are an implicit channel for portfolio expansion and property disposition, which feeds the leasing pipeline. The data shows significant external transaction activity that requires market intermediaries.

One Liberty Properties, Inc.'s capital recycling strategy involves external transaction channels. In Q3 2025, the company completed the sale of four non-core properties, generating $16.3 million in net proceeds. The total acquisitions completed and to be completed in 2025 are approximately $189 million. For instance, a Q1 2025 acquisition of four industrial properties for an aggregate purchase price of $88.3 million involved incurring new mortgage debt of $52.1 million.

The use of brokers for tenant placement specifically is not detailed in the public filings, but the scale of leasing activity suggests a professional brokerage presence is likely involved in sourcing or facilitating some of the 281,000 square feet of lease activity in Q3 2025. The company's focus remains on acquiring well-located net leased properties, emphasizing industrial assets.

Key transaction metrics related to capital deployment and recycling include:

Metric	Q2 2025 Activity	Q3 2025 Activity	Pending/Subsequent Q3 2025 Activity
Property Acquisition Value	$24.0 million (Single-tenant industrial)	N/A	$23.0 million (Single-tenant industrial)
Agreed Acquisition Value	N/A	N/A	$53.5 million (Six building industrial portfolio)
Gain on Sale of Assets	$6.5 million (Three retail assets)	$9.1 million (Four non-core properties)	$2.4 million (Equity in earnings from two unconsolidated properties)
Net Proceeds from Sales	$18.3 million (After $5.8 million debt repayment)	$16.3 million (Four non-core properties)	$17.7 million (Subsequent to quarter end)

Investor relations and public equity markets (NYSE: OLP) for capital

The public equity markets are a critical channel for One Liberty Properties, Inc. to raise capital for its acquisition strategy, as evidenced by the use of its line of credit and stock issuances.

The company is publicly traded on the New York Stock Exchange under the symbol OLP. Capital structure management is ongoing, with total debt at $455.0 million as of June 30, 2025, down from $471 million at March 31, 2025. Available liquidity was approximately $109.4 million at October 31, 2025, consisting of about $9.4 million in cash and cash equivalents and $100 million available under its credit facility. This credit facility matures on December 31, 2026, and allows borrowing up to $100 million.

Investor perception and financial performance are key to this channel. Here's a look at the per-share financial metrics for recent quarters in 2025:

• - Q3 2025 Net income per diluted share: $0.48.
• - Q3 2025 FFO per diluted share: $0.42.
• - Q3 2025 AFFO per diluted share: $0.46.
• - Q2 2025 Net income per diluted share: $0.39.
• - Q2 2025 FFO per diluted share: $0.45.
• - Q2 2025 AFFO per diluted share: $0.49.
• - Q1 2025 FFO per diluted share: $0.44.

Stock issuances for non-cash equity incentive and dividend reinvestment programs impacted Q3 2025 diluted shares by an average increase of approximately 214,000 weighted average shares outstanding compared to the prior year period. This is a direct interaction with the equity base of the company.

Finance: draft 13-week cash view by Friday.

One Liberty Properties, Inc. (OLP) - Canvas Business Model: Customer Segments

You're managing a portfolio that is rapidly concentrating on a specific asset class, which means your customer segments are becoming more focused, too. One Liberty Properties, Inc. (OLP) is clearly prioritizing industrial tenants, but the legacy portfolio still contains other users. Here's the quick math on who is paying the rent as of late 2025, based on the latest reported figures.

The primary customer segment is now overwhelmingly single-tenant industrial users, covering distribution, manufacturing, and logistics needs. This focus is deliberate; as of the end of the third quarter of 2025, approximately 80% of One Liberty Properties, Inc.'s Annual Base Rent (ABR) came from this industrial sector. This is a significant shift from earlier periods, for example, where about 75% of base rent was industrial in Q1 2025. You see this in their acquisition strategy, such as closing on a 199,919 square foot, single-tenant industrial property in Oakdale, Minnesota for \$23.0 million in October 2025. Another example is the August 2025 acquisition of a 210,600 square foot, single-tenant industrial property in Blythewood, South Carolina for \$24.0 million. These deals confirm the appetite for single-tenant logistics and distribution users who typically sign long-term, net leases.

Next up are the credit-worthy, publicly traded companies, which provide stability to the overall rent roll. While the most granular breakdown of top tenants is from April 2024, these relationships remain key anchors. For instance, FedEx (NYSE: FDX) was listed as a top tenant with 6 locations contributing \$3,920,264 in 2024 Contractual Rental Income, representing 5.5% of the total. Haverty's Furniture Companies, Inc. (NYSE: HVT) was another major name, with 8 locations generating \$3,375,585 in 2024 Contractual Rental Income, or 4.7% of the total. These are the types of tenants management likes because they often sign long-term net leases with built-in rental increases.

Finally, you still have select non-industrial tenants remaining from the legacy portfolio, though One Liberty Properties, Inc. is actively shedding these. The company has been disciplined in recycling capital from these sales. For example, in the second quarter of 2025, three retail assets were sold, and in Q3 2025, four non-core properties were sold for \$16.3 million in net proceeds. This active disposition strategy means the percentage of revenue from these legacy retail and restaurant tenants is shrinking relative to the growing industrial base.

Here's a look at how the top tenants contributed to the rental income base, using the latest available full-year data for context on these specific customer relationships:

Tenant Type/Name	Number of Locations (as of April 2024)	2024 Contractual Rental Income	% of 2024 Contractual Rental Income
FedEx (NYSE: FDX)	6	\$3,920,264	5.5%
Havertys Furniture Companies, Inc. (NYSE: HVT)	8	\$3,375,585	4.7%
Northern Tool & Equipment	1	\$3,083,895	4.3%
NARDA Holdings, Inc.	1	\$2,946,308	4.1%
LA Fitness International, LLC	3	\$2,645,989	3.7%
Total Top 5 Tenants	19	\$15,972,041	22.3%

The portfolio composition shows a clear trend away from the legacy segments, which you can see reflected in the property type breakdown from an earlier period, which is still useful for understanding the mix being refined:

• Industrial Properties: 55 Properties, 8,523,115 SF
• Retail Properties: 43 Properties, 1,658,895 SF
• Other (Legacy): 12 Properties, 715,644 SF

Finance: draft 13-week cash view by Friday.

One Liberty Properties, Inc. (OLP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive One Liberty Properties, Inc.'s operations as of late 2025. Since One Liberty Properties, Inc. is self-managed, a significant portion of its costs comes from direct operational overhead rather than being passed entirely to a third-party manager.

The most immediate financial pressure point is the cost of capital. One Liberty Properties, Inc. carries substantial leverage to fund its property acquisitions. This results in a high interest expense due to total debt, which stood at $455.0 million as of Q2 2025, though the latest balance sheet data from September 30, 2025, shows total debt at $458.7 million. This debt load directly translates into significant financing costs; for the third quarter of 2025, the reported interest expense was $5.617 million. This interest headwind was noted as outpacing rental income gains in that quarter.

The cost structure is heavily influenced by the nature of its real estate holdings. A major component is real estate operating expenses, which cover property taxes, insurance, and maintenance for the portfolio. While these are mostly reimbursed by tenants under net lease structures, the gross expense figure still impacts cash flow before those reimbursements come through. For the three months ended September 30, 2025, One Liberty Properties, Inc.'s total operating expenses were reported at $7.91 million.

Because One Liberty Properties, Inc. maintains a self-managed structure, general and administrative costs are a direct reflection of its internal team supporting leasing, accounting, and corporate functions. These costs are necessary to run the business without outsourcing management. While the specific G&A line item for Q3 2025 isn't explicitly detailed in the latest summaries, the self-administered nature means these costs are inherent to the operating structure.

Finally, the ongoing investment in the portfolio results in non-cash charges. Depreciation and amortization expense from property acquisitions is a consistent cost that reflects the capital invested in the assets. For the three months ended September 30, 2025, the depreciation and amortization of properties alone amounted to $6,492,000.

Here is a breakdown of key cost-related financial metrics for the third quarter of 2025:

Cost Component	Amount (Three Months Ended September 30, 2025)	Notes
Total Debt (as of Sept 30, 2025)	$458.7 million	Used to fund acquisitions
Interest Expense	$5.617 million	Rose year-over-year due to higher debt balances/rates
Depreciation and Amortization of Properties	$6,492,000	Non-cash charge from asset base
Total Operating Expenses	$7.91 million	Includes real estate expenses and G&A

The cost structure is also impacted by capital recycling activities, such as the non-cash impairment charge of $1.3 million recognized in Q3 2025 related to a non-core asset sale.

• - Interest expense rose to $5.617 million in Q3 2025.
• - Depreciation and amortization of properties was $6,492,000 for the quarter.
• - Total operating expenses for Q3 2025 were $7.91 million.
• - The company had $18.8 million in cash and cash equivalents at the end of Q3 2025.

Finance: draft 13-week cash view by Friday.

One Liberty Properties, Inc. (OLP) - Canvas Business Model: Revenue Streams

You're looking at how One Liberty Properties, Inc. (OLP) actually brings in the money to run the business and pay its obligations. For a real estate investment trust like OLP, the revenue streams are pretty straightforward, centered on property ownership and strategic sales.

The primary engine here is the money coming from tenants under those long-term net leases. This provides the predictable cash flow that REITs rely on. For the second quarter of 2025, that core rental income hit $24.5 million.

Also feeding into that top-line rental number are the tenant reimbursements. This is where tenants cover the costs associated with the property, which typically includes real estate taxes, property insurance, and routine maintenance, depending on the specific net lease structure. These reimbursements help keep the net operating income strong.

The second major component of revenue generation comes from capital recycling-selling assets that no longer fit the core strategy. This is less predictable but provides significant cash boosts. In the third quarter of 2025, for example, OLP completed the sale of four non-core properties, realizing an aggregate gain on sale of real estate of $9.1 million.

To give you a clearer picture of the Q3 2025 performance, here's a snapshot of some key profitability metrics derived from those revenue sources. Remember, these non-GAAP measures are what we analysts watch closely for REIT health.

Metric	Q3 2025 Amount
Net Income Attributable to OLP	$10,478,000
Net Income / Share Attributable to Common Stockholders - Diluted	$0.48
Funds From Operations (FFO) / Share - Diluted	$0.42
Adjusted Funds From Operations (AFFO) / Share - Diluted	$0.46
Total Operating Revenue (Reported)	$23.8 million

The company is actively managing its portfolio to maximize these streams, evidenced by the focus on industrial properties, which accounted for approximately 80% of the Annual Base Rent (ABR) as of the end of Q3 2025. You can see the impact of asset sales and acquisitions on the quarterly results, but the $0.46 per diluted share AFFO for Q3 2025 shows the underlying cash flow stability, even with share count increases.

Here are the key drivers influencing the revenue picture:

• Rental income growth driven by net impact of acquisitions and dispositions in 2025.
• Sale of four non-core properties resulting in $16.3 million of net proceeds in Q3 2025.
• Sale of two unconsolidated properties generating $991,000 of equity in earnings in Q3 2025.
• Leases entered into, extended, or renewed for 281,000 square feet during the third quarter.